Series 7 - General Securities Representative Exam

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A syndicate is underwriting a new issue of muni bonds. Orders will be coming in soon. The typical order for filling orders from lowest priority to highest priority is:

Retail, Group Net, Net Designated, Member
A
Net Designated, Group Net, Retail, Member
B
Member, Retail, Group Net, Net Designated
C
Group Net, Net Designated, Retail, Member
D

Explanations

Issuers are free to choose their own priority of orders based on their objectives. However, this is the typical order according to the MSRB

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